Another Term for an Income Statement Is ______

question 83

Multiple Choice

Another term for an income statement is ______.

• A)profit and loss statement
• B)income tax statement
• C)balance sheet
• D)credit report

---

Definitions:

Mark-Up

The amount added to the cost of a product or service to cover overhead and profit.

Selling Price

The amount of money for which a product is sold to the customer, after accounting for discounts, rebates, and other adjustments.

Payment

The transfer of money, or its equivalent, from one party to another in exchange for goods, services, or to fulfill a legal obligation.

Mark-Up

The additional amount added to the cost price of goods to cover overhead and profit, resulting in the selling price.